Product launches don’t have to be complicated. But when you do a product launch, you’ll likely make some of these mistakes. Awareness is your first defense.
Now I know I have made all of these mistakes at one time or another. It’s not the end of the world when it happens, but forewarned is forearmed. Keep this list handy for the next time you do a product launch, and be aware and be proactive to avoid these mistakes.
When you think you know what your product will be, perform research and tests to see if people will buy. If they do, then create the product. If they don’t buy, or if only a very small number of them do, thank your lucky stars that you didn’t waste too much of your time before you discovered an issue.
Incidentally, I’ve noticed a phenomenon where your conversions will increase if I say that the product isn’t quite ready yet. People love to be in on something new. Tell them you’re developing this product and it will be ready by X date and they can preorder now. If you don’t get enough orders, refund the ones you do get and don’t create the product.
You might have a great product for a tiny segment of the market. If this is the case, you might need to raise your price for such a specialized item just to turn a good profit.
Factor in the time it will take to make the product, the size of the market and the price you will charge. Yes, there’s a lot of guesswork here. But if you realize it will take you 200 hours to create the product and you will likely only sell 200 copies at $47, you might decide it simply isn’t profitable enough to move forward.
Poor Timing of Your Product Launch
Launching your product at the wrong time, such as during a holiday or a competing event, can negatively impact its success. Think of launching a product on Black Friday or Christmas Day. Your result could be disastrous. Launch the same product in January and you could have a home run. Or perhaps the best option is to launch in September or October and prepare your launch and advertising campaign to take advantage of holiday season sales.
Timing is especially true if you are relying on affiliates who could be promoting a different launch that same day. Let’s say for example, you’re launching your first product and you line up a half dozen affiliates. But then Big Joe Marketer launches his umpteenth fancy-dancy product with a massive affiliate contest and new cars for everyone who sells a thousands units and suddenly your affiliates have vanished. I joke about it, but this does happen. Well, except maybe for the new car part, that’s pretty rare.
Lack Of Product Launch Promotion
“Build a better mousetrap and people will beat a path to your door.” Believe it or not that used to be a common expression, but it’s 100% false. If you don’t aggressively promote your product and get the word out, then no one will know about your product. Even if it is the best mousetrap in the world, if no one knows about it, it doesn’t do you or them any good.
Yes, there is an exception. You create a new product, Suzi Q buys it and loves it and tells her audience of thousands about it for free and it goes viral and now you’re selling a million units per day and…
…that’s a great fantasy but it only happens like that in movies. And maybe a very few times per year for real. It’s not something you can or should count on, so get busy marketing and promoting.
Ignoring Customer Feedback
Not listening to your customers and incorporating their feedback can lead to product failure. When your customers are telling you there is a problem or something missing, listen to them.
I’ve seen a potentially great product fail because something crucial was left out. When the customers called it to the attention of the product creator, the product creator decided he knew better than his customers. Refunds skyrocketed, he was trashed on social media and his product was relegated to the dust bins of history.
Inadequate Testing Prior to Product Launch
Give your product to users to try and test for free. Use their feedback to fix or improve what’s needed. Give out the new version and get more feedback. Fix whatever is left to fix and then launch. If you’re on top of things, you can do this entire process in 7 to 10 days.
Focusing On Features Over Benefits
Not highlighting the benefits of your product to your customers can make it difficult for them to see the value in it. What’s in it for them? How will this change their life? Why should they care?
Paint a picture of how this will forever change their life for the better, or at least make them happy today.
Setting the wrong price for your product can impact its perceived value. Charge too little and people won’t see the quality. Charge too much and you might price yourself out of the market. There’s a sweet spot in there someplace, and it’s your job to find it.
Food for thought: When Dan Kennedy consulted with businesses, the first thing he did was raise prices. Sometimes he had to fight with the business owners about this to get it done because the owner was terrified that they would lose money.
But in nearly every case the business became more profitable when prices were raised, despite losing a small percentage of customers who didn’t want to pay the higher price.
And you also need to consider an entire package, which includes value added products, accessories and complementary components. This is where you add in sales bumps, OTOs (one-time offers) and valuable bonuses.
I’ve seen a major launch where every single upsell was available on the download page regardless of whether or not it was purchased. And I’ve seen another product launch where the price was supposed to be $299, but it was set to $1 for the first 3 hours. Ouch.
Just check and double check. And of course do a lot of A/B tesing. Just because you think you know what is best and what works, doesn’t mean it will be true. I an continually surprised when testing. I have become more indifferent, meaning, I care, but it doesn’t matter what is successful, just as long as I am getting sales.
Lack Of A Solid Long-Term Plan
Not having a well-thought-out plan can make it difficult to scale and grow your product over time. Are you going to build your business around this one product? Add other products for the same audience? Adapt the same product to new audiences?
You need to have a general idea of where you’re going from here so you know how to present this first product. And how to prepare and implement the next steps. This all should fit into your business plan and busienss model.
Trying to do too much with limited resources can lead to product launch burnout. I can tell you first hand that there is a great deal of work that goes into a product launch, not to mention the week of almost no sleep during the launch because you are answering questions from affiliates and customers non-stop.
Outsource what you can and consider teaming up with someone who can handle customer service with you during the crucial launch period.
Being Too Attached To Your Product
This one might take you by surprise but I thought it was important enough to include. I’ve seen product creators absolutely devastated because others didn’t share their view of their product. If you think your product is the second coming of a religious figure and others look at it and yawn, it can be a tremendous blow to the ego and your sense of self-worth.
The bottom line is some products sell like gangbusters and some don’t. That’s reality. Don’t get so attached to the outcome that you can’t get out of bed for a week. It’s business.
And finally, If there is a number 13 on this list, it’s this:
Failing To Launch
The number 13 is unlucky, so because I am the author, I have decided there really aren’t 13 mistakes to watch out for and manage. But this last “issue” is a big deal! Your product will never be perfect and your product may not sell. But the biggest failure, is no launch at all. It’s ok if the launch is not perfect… it never will be. And time is money.
Don’t suffer from perfection, or analysis-paralysis. Get to a high percentage, and go with it. I’m thining the 80-20 rule, or even better, call it a 60-40 rule. Test it, and then change or adjust as needed. Reality tells us, there are always changes and adjustments that can be made to make it better. If it is a flop, assess and learn. Better to know now instead of spending a ton of time and resources before you know. Or it might just be your best selling product ever.
But if you don’t let go of it and launch it, then you will never know what might have been. And you have wasted all that time and effort. Launch and adjust, modify, change, or whatever you need to do. Just be relentless and keep pushing forward to succeed.
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Passive income security is a journey. Every journey begins with a step. Take one step and you have started. Take 2 steps and you have doubled your progress.
So your first step is to begin. And then continue with persistence and diligence. Here is a basic outline to begin your journey toward Passive Income Security. I will provide more depth and insight for each step below.
First Steps to Making Passive Income with Affiliate Marketing
1.Choose a Niche: Pick a specific topic or product that you have an interest in and that you can promote effectively
2. Research Affiliate Programs: Look for affiliate programs related to your niche and choose the best-paying and most trustworthy programs.
3. Build a Website: Create a website that showcases your affiliate products and services, using SEO techniques to drive traffic to your site.
4. Create Content: Develop high-quality content, such as blog posts, product reviews, tutorials, and videos, that will help you attract visitors to your site and convert them into customers.
5. Monitor Your Results: Keep track of your website’s traffic and sales, using analytics tools to determine what strategies are working best and what needs improvement.
6. Optimize Your Efforts: Continuously refine your website and content, using data and feedback to improve your results and maximize your passive income.
7. Diversify Your Affiliate Products: Offer a range of affiliate products and services to increase your chances of earning a steady stream of passive income.
8. Build Relationships: Build relationships with other affiliates and partners, exchanging ideas and tips to help each other succeed.
9. Be Consistent: Consistently create high-quality content and promote your affiliate products and services, to keep your passive income flowing.
10. Always remain Patient: Building a successful affiliate marketing business takes time, so be patient and keep working at it until you achieve your goals.
11. Never Give Up: Despite the challenges and obstacles you may face, never give up on your affiliate marketing business. With persistence and hard work, you can achieve financial freedom and success.
So that is an outline of the basic steps to work toward your passive income security. Now let’s review each step in more detail.
Choosing a Niche for affiliate marketing
Choosing a niche for affiliate marketing is a crucial step in building a successful affiliate marketing business. A niche is a specific segment of the market that has unique needs, wants, and preferences. By targeting a niche, you can focus your efforts and resources on a specific target market. It is important to differentiate yourself from competitors. The process of choosing a niche for affiliate marketing involves several important considerations. They may include market demand, competition, profitability, target audience, and the availability of affiliate programs.
First, it is important to identify your areas of expertise and interest. This will help you find a niche that you’re knowledgeable about and passionate about promoting. Next, use tools like Mangools, Google Trends, Keyword Planner, and Amazon Best Seller lists to research the market and see which niches are in high demand.
Seek niche opportunities:
That have a strong search volume and low competition. Additionally, research the products and services in your selected niche to see if there is potential for profitability. Look for products with high commission rates, high conversion rates, and high average order values.
It’s also important to check the affiliate programs in your selected niche and evaluate their terms and conditions. Make sure they offer a good commission rate and a reputable product or service. Furthermore, consider your target audience and the types of products and services they are interested in.
Make sure there is a good match or correlation between your niche and your target audience. Once you have narrowed down your list of potential niches, test your idea to see if there is interest from your target audience. You can do this by starting a blog or launching a small marketing campaign to gauge interest.
Choosing a niche for affiliate marketing is a process and it may take some time to find the right one for you. The key is to be persistent and keep refining your approach until you find a niche that is both profitable and fulfilling. By selecting a niche that you’re knowledgeable and passionate about, you’ll be able to build a successful affiliate marketing business that offers value to your target audience.
Research Affiliate Programs for Passive Income Security
Researching affiliate programs is an important step in building a passive income stream. An affiliate program is a marketing arrangement in which an online merchant provides compensation to affiliates for directing traffic or sales to the merchant’s website. To find the best affiliate programs for passive income, you need to do thorough research and consider several important factors.
Start by identifying your target audience and their needs and preferences. This will help you find affiliate programs that offer products and services that your target audience is interested in. Then, research the market and see which affiliate programs are in high demand and have a strong reputation. Look for programs that offer high commission rates, high conversion rates, and high average order values.
It’s also important to check the terms and conditions of each affiliate program you’re interested in. Make sure the program offers a fair commission structure, a good product or service, and a user-friendly affiliate platform. Additionally, consider the support and resources offered by each program, such as marketing materials, training, and technical support.
Once you have narrowed down your list of potential affiliate programs, test them to see which ones perform the best. This can be done by launching a small marketing campaign or by joining the affiliate program and promoting their products and services. Be sure to track your results and analyze your performance to determine which affiliate programs are the most profitable and offer the best passive income potential.
Take your time and be diligent in your research of good affiliate programs. By finding the right programs, you can create a steady stream of income by promoting products and services that you’re passionate about and that offer value to your target audience.
Building a website for passive income security
A website serves as a platform for promoting products and services, and it allows you to reach a wider audience and build your brand. When building a website for passive income, there are several important considerations to keep in mind.
Since you already have your niche, the next step is to get a domain name. Site domains and hosting are readily avaialbe. REsearch to find what best fits your needs. Namecheap and Groove have some great low cost packages. And you need to select a website builder or platform. Here again there are many options available, including Groove, WordPress, Wix, and Squarespace. Choose a platform that is user-friendly, affordable, and provides the features and functionality you need to build a professional-looking website.
Note that I have mentioned all-in-one platform, Groove several times. I guess that is really the intent of all-in-one platforms. They have everything you need to operate your business. I highly recommend Groove. They offer a ton of features for free that will meet the needs of any business you can imagine. See all of there features that are covered in their free offer here. Another all-in-one platform that is not as well know is Highlevel. Both have very good programs and all-in-one platforms really make a ton of sense, and save a lot of expense and time. Give them strong consideration.
It’s also important to create high-quality, relevant content that offers value to your target audience. And promote your website and reach out to your target audience. We will discuss content and promotion next.
Create High-Quality Content
Creating high-quality content on your website is essential for building a successful affiliate marketing business. High-quality content helps attract and engage your target audience, build your brand, and drive traffic to your website. When creating content for your website, there are several important factors to consider.
First, focus on your target audience and their needs and preferences. This will help you create content that is relevant and valuable to them. Next, choose a format that is easy to read and engage with, such as blog posts, product reviews, videos, infographics, and more.
When writing your content, make sure it is well-researched and provides valuable information to your target audience. Use clear and concise language, and avoid using industry jargon or technical terms that may be confusing to your audience. Additionally, make sure your content is visually appealing by including images, videos, and other multimedia elements.
It’s also important to optimize your content for search engines. This can be done by using keywords, meta tags, and other SEO strategies. By making your content easily discoverable by search engines, you can increase your chances of ranking high in search results and driving more traffic to your website.
Finally, promote your content on your website and on social media. Share your content with your target audience and encourage them to engage with it. Building a following takes time, but by creating high-quality content that offers value to your target audience, you can attract and retain a loyal audience that will help grow your affiliate marketing business.
Creating high-quality content on your website is a crucial step in building a successful affiliate marketing business. By focusing on your target audience and providing valuable information in an engaging format, you can attract and retain a loyal audience and generate passive income through affiliate marketing.
Monitor Your Results
Monitoring your website for results is an important step in building a successful affiliate marketing business. By tracking and analyzing your website performance, you can identify what’s working and what’s not, and make adjustments to improve your results. There are several key metrics you should track when monitoring your website for results.
First, track your website traffic. This includes the number of visitors to your website, how they found your site, and how long they stayed. You can use tools such as Google Analytics to track your website traffic and get a better understanding of your audience.
Next, track your conversion rates. This is the percentage of visitors who take a desired action, such as making a purchase or signing up for your email list. A high conversion rate indicates that your website is effectively converting visitors into customers.
It’s also important to track your affiliate earnings. This includes the total amount of money you’ve earned from your affiliate marketing efforts, as well as the commission rates you have earned. With proper tracking data, your able to better optimize your effort.
Optimizing Your Efforts
Optimizing your efforts on your website is crucial for achieving success with affiliate marketing. This involves continuously improving your website and marketing strategies to increase traffic, conversions, and affiliate earnings. Here are several steps you can take to optimize your efforts on your website.
First, continually create new, high-quality content that offers value to your target audience. This includes blog posts, product reviews, and other types of content that promotes your affiliate products and services. Make sure your content is well-researched, engaging, and optimized for search engines.
Next, use affiliate marketing tools and plugins to improve your website’s performance. For example, you can use tools such as affiliate link cloaking to hide long and ugly affiliate links, and affiliate link management plugins to manage and organize your affiliate links in one place.
It’s also important to continually test and optimize your website’s design and layout. This includes elements such as the color scheme, font, images, and layout. Make sure your website is easy to navigate, visually appealing, and provides a positive user experience.
Additionally, make sure your website is optimized for mobile devices. This is important because more and more people are using their smartphones and tablets to access the internet. A mobile-optimized website will help ensure that your target audience has a positive experience regardless of the device they’re using. Consider using Call Loop to incorporate SMS messaging and the huge opportunities with mobile traffic.
Finally, continually track and analyze your website’s performance with tools such as Google Analytics to track your website traffic, conversion rates, and affiliate earnings. Use this data to identify areas for improvement and make adjustments to optimize your efforts and achieve success in affiliate marketing.
Optimization is a continuous, ongoing process that requires attention and effort. By following these steps and being persistent, you can achieve greater success in affiliate marketing and creating your steady stream of passive income.
Diversify Your Affiliate Products For Greater Passive Income Security
It is important to diversify your affiliate products to grow and expand your passive income streams. By promoting a variety of products and services, you can reduce your dependence on any one affiliate product and increase your potential for earning multiple streams of passive income. Here are several tips for diversifying your affiliate products to expand your passive income security.
First, research and find a variety of affiliate products and services that are relevant to your target audience. This includes products and services in your niche as well as complementary products that complement the products and services you already promote. This will also include products that you can utilize as bonuses to offer customers to better entice them to purchase your offering. This is an incredible strategy that will multiple your conversion by multiples.
As before, continue to research and select affiliate products and services that offer a high commission rate and a strong track record of customer satisfaction. This will help ensure that you are promoting products and services that are likely to not only convert visitors into customers, but provide a great experience, which improves purchases of related products. High-quality and high customer satisfaction is a must if you want to generate a steady stream of passive income.
Focus on finding products or services that have recurring commissions such as subscription services and memberships.
These products offer the greatest potential for recurring income, which will further grow a steady stream of passive income over time.
Finally, continually review and update your affiliate product portfolio. Remove underperforming products and add new products and services that offer value to your target audience. This will help you keep your affiliate product portfolio fresh and relevant, and ensure that you have a diverse range of passive income streams.
Diversifying your affiliate products is a crucial strategy for growing and expanding your passive income streams. By promoting a variety of relevant and high-quality products and services, you can reduce your dependence on any one product and increase your potential for earning multiple streams of passive income.
Building Relationships With Other Affiliates and Partners
Building relationships with other affiliates and partners can be extremely beneficial to your affiliate marketing success. By working together with other affiliates and partners, you can expand your reach, increase your credibility, and grow your passive income streams. Here are several key benefits of building relationships with other affiliates and partners.
Passive Income Security Includes Protection and Growth in Adverse Times
First, you can leverage the reach of other affiliates and partners to expand your own reach and reach new audiences. By working together, you can cross-promote each other’s products and services and reach new potential customers.
Second, working with other affiliates and partners can increase your credibility and trustworthiness. When you work with reputable affiliates and partners, you can tap into their credibility and build trust with your target audience.
Third, collaborate and promote each other’s products and services, can increase your potential for earning multiple streams of passive income, and create opportunities for joint ventures, product creation, and other mutually beneficial projects. These projects can help you grow your business, increase your revenue, and expand your reach.
Finally, building relationships can also help you stay up-to-date with the latest industry trends and best practices. You can learn from each other, share ideas and resources, and stay ahead of the competition.
Building relationships is a valuable strategy with any affiliate marketing. By working together, you can expand your reach, increase your credibility, grow your passive income streams, and leverage each other’s strengths.
Why Consistency is Important in Affiliate Marketing
Consistency is an essential aspect of affiliate marketing, and it plays a significant role in long-term success of any affiliate marketing programs. In order to achieve success, it’s crucial for affiliates to be consistent in their marketing strategies and efforts.
One of the benefits of consistency is that it helps to build trust with your audience. When you consistently provide valuable content and promote products that align with your audience’s needs and interests, they are more likely to trust you and become loyal followers. This, in turn, can lead to increased sales and conversions, which is the ultimate goal of any affiliate marketing campaign.
Additionally, consistency helps to establish your brand identity and increase your visibility online. By consistently posting quality content, participating in online communities, and promoting products, you become known as a reliable and trustworthy source of information in your niche. This, in turn, can help to increase your reach and attract more potential customers to your affiliate marketing efforts.
Consistency is crucial in affiliate marketing as it helps to build trust with your audience, establish your brand identity, and increase your visibility. By being consistent in your marketing efforts, you are more likely to achieve success and see an increase in conversions and sales. This is especially important in building passive streams of income.
Always remain Patient. Passive Income Security is Long-Term
Patience is a crucial virtue for affiliate marketers. Achieving success with affiliate marketing requires time and persistence. Affiliate marketing is a competitive industry, and it does take time to establish a strong online presence and build a loyal following before you can generate substantial revenue.
One of the reasons why patience is important is that affiliate marketing requires consistent effort over an extended period. Affiliates need to invest time into creating valuable content, building relationships with their audience, and promoting products. These efforts may not yield immediate results, but over time, they can lead to increased traffic, conversions, and sales.
Another reason why patience is essential is that the process of building a successful affiliate marketing campaign involves testing, trial and error. Affiliates need to experiment with different strategies, products, and promotional methods to find what works best for them and their audience. This can be a time-consuming and sometimes frustrating process, but it’s essential for long-term success in affiliate marketing.
Affiliate marketing requires a great deal of patience and persistence no matter what you might hear or see. Building solid, passive income streams takes time, effort, and a willingness to experiment and learn from failure. By being patient and persistent, affiliates can build a strong online presence, establish a loyal following, and generate substantial revenue over time.
Lastly, never, ever, ever give up. Tenacity, and the quality of being persistent and refusing to give up, is a critical trait for affiliate marketers. The road to success in affiliate marketing can be long and challenging, and it requires a strong determination to keep pushing forward, even in the face of setbacks and obstacles. Many don’t succeed and give up.
Affiliate marketing requires perseverance and a willingness to try new things. Affiliates must be willing to experiment with different strategies and approaches, and to learn from their mistakes and failures. This can be a challenging process, and it can be easy to give up when faced with setbacks, disappointing results. and losses.
Another reason why tenacity is crucial in affiliate marketing is that it can take time to see substantial results from your efforts. Building a strong online presence, establishing a loyal following, and generating significant passive income revenue streams all take time and consistent and continual effort. It’s essential for affiliates to maintain their focus and persistence, even when results are slow in coming, to ensure long-term success.
The path to success in this field is very challenging and requires consistent effort over an extended period. By maintaining a persistent, never-give-up attitude, affiliates can persevere and overcome obstacles, learn from their mistakes, and eventually go on to achieve their goals of passive income security.
Next Steps to passive income security
It is true that some products, programs, or platforms are easy…. Well, it’s all relative right? “Easier” may be a better way of more accurately portraying. I am just like any other affiliate marketer when promoting. I want present the product in as attractive light as possible, yet still being factual. And some of the products and programs I promote are “easy”. But even if these are on the “easier” end of the difficulty scale, everything still takes work and diligence. Some just not as much as others. I try to search for products and programs that are easier, have more work done for you (DFY), or less technical requirements, and all those types of things that create challenges.
But mark my words, no matter how “easy” anything is, there is still plenty of work to make it work or be successful. After all, even the best , most-expensive vacuum cleaner on the market doesn’t suck up one spec of dust or dirt if it is just sitting in the closet. So thanks for taking a step to better yourself by reading this blog. That’s one step for the day. So instead of taking just one or two steps today, why not go for a walk all the way around the block!
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